I'm new to the Forex market and new to this programming language so I am searching for advice in both fronts
I devised this pseudo code for what I want to code since a Money Management egy that is easy and effective (I hope)... I want to ensure there are no loopholes and any advice about the best way to set this up logically within the EA....
PercentageToTrade = the amount of risk you want to set
Line 1 reduction = Max reduction is 700 pips in the line 1 buy price
Line Two MaxLoss = 700 -- (distance between line 1 and line 2)... checks this in a line Two level open
Line 3 Max reduction = 700 -- (distance between line 1 and line 3)...checks this in a line 3 degree open
Line 4 Max reduction = 700 -- (distance between line 1 plus line 4)...checks this in a line 4 degree open
MoneyToTrade = (Account Equity or AccountBalance, whichever is lower) *(PercentageToTrade/100) minus OpenedTradesPotentialLosss
PotentialLossOfOpeningThisTrade(using base lot size and max pip reduction)
MoneyToTrade=MoneyToTrade -- PotentialLossOfOpeningThisTrade
Should MoneyToTrade gt; 0, Open Trade
Else
Print(â€Do not have the capital to start this tradeâ€)